Disaster Rebuilding Assistance Act of 2007 - Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to increase the maximum amount of assistance available to individuals and households to $50,000 (the current limit is $25,000) with respect to a single major disaster. Authorizes the President to increase the amount for an individual or household residing in a state or political subdivision of a state with a high cost of living. Makes this Act applicable to any major disaster declared on or after October 21, 2007.